Step-Transaction Doctrine Compliance

With the lifetime gift tax exemption at $5 million and the gift tax rate at 35 percent, now's a perfect time for taxpayers to take advantage of wealth transfer opportunities. But these opportunities aren't endless. Absent intervening legislation, the lifetime gift tax exemption will return to $1 million and the highest marginal gift tax rate will increase to 55 percent on Jan. 1, 2013.1 While this

With the lifetime gift tax exemption at $5 million and the gift tax rate at 35 percent, now's a perfect time for taxpayers to take advantage of wealth transfer opportunities. But these opportunities aren't endless. Absent intervening legislation, the lifetime gift tax exemption will return to $1 million and the highest marginal gift tax rate will increase to 55 percent on Jan. 1, 2013.1

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